Stock Market Update Monday, April 1st, 2019
Stocks rallied out of the gate today after better than expected manufacturing numbers in China.
There has been a lot of concern over a slowing global economy. So when China’s Manufacturing PMI came in at 50.5 vs. a 49.5 expected reading (its best reading in 8 months), the major indices jumped.
After the strong start, stocks were sideways in the morning. Some of the indecision might have been to weaker than expected Retail Sales in the U.S (down 0.2% vs. the 0.2% increase expected).
The major indices started to move again during lunch and rallied to highs of the day in the afternoon.
At the close, the major indices were trading near highs of the day. And the S&P finished with its best close of the year.
Here’s where the major indices ended the day:
- The S&P finished with a 1.2% gain. Up 33 points, the S&P ended at 2,867.
- The DOW ended higher by 1.3%. Adding 330 points, the DOW closed at 26,258.
- The NASDAQ was up 1.3%. With a 100 point gain, the NASDAQ finished at 7,829.
Crude Oil (CL) blew right past the $61 mark and finished with its best close since November 11th. Up 2.4%, CL ended at $61.60 a barrel.
Of course, Lyft (LYFT) was still in the spotlight after Friday’s debut. But it didn’t get better for buyers. Today Lyft slid below its $72 IPO price. Down 11.9% from Friday’s close, Lyft finished the day at $69.01 a share.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
This Stock Market Update was provided by Rockwell Trading Services LLC.